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Service Business (Stephen Villavicencio) Service business is "a commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers." (Business Dictionary, 2016) A service business offers impalpable products that rely on customer needs and satisfaction.The "product" that a service business offers is not like regular, store bought goods such as gadgets, clothing, or food. A service business offers services that are primarily composed of personal labor and expertise to deliver customer desired product. For example, people might hire a real estate agent to help them buy their first house because they want to take advantage of the realtor's expertise, negotiating skills, and knowledge of the required contracts. Additionally, they might also hire an interior designer if they need help figuring out key elements in their house. Such examples demonstrate how service businesses work, since they rely on customer service demands and therefore offers them a solution to that demand. Since service businesses deeply relies on customer satisfaction, it is essential for these kinds of businesses to obtain knowledge of current and highest demands for the specific service that they deliver. This knowledge will help them put the pedestal against other companies in such a competitive type of business. This will also help gain more insight to improvements and overall service betterment, so that they will attract customers to seek the service they offer. Here are some types of businesses that offer various services * Transportation Services * Entertainment Industry * Tourism Companies * Financial Services * Professional Services Merchandising Business - Gurmon Singh A merchandising business is one of the most common types of businesses we interact with daily. It is a business that purchases finished products and resells them to consumers.The merchandising business purchases products and resells them with a higher price to gain profit. Generally, a merchandising business will buy their products from a range of distributors and market their products in huge consumer shopping facilities. Similarly, both service business and merchandising business may need equipment in order to be in business and both types of business structures have customers who pay for goods or services. Merchandising business has their own service sideline, such as for clothing stores, they might also offer alterations and repairs on items aside from the main business. The main difference between a merchandising company and a service industry company is that the merchandising companies sell products as a main form of business so that means they must stock inventory. Also, a merchandising business should not be confused with a manufacture business, since a merchandising business does not make or manufacture the products themselves. There are two types of merchandising companies a retail and wholesale company . A retail company sells products directly to their customers, while a wholesale company buys items in bulk from manufacturers and resells them to retailers. Retail merchandisers are the link between buyers and the sales floor, they ensure that the right stock is in the right place at the right time to maximize sales and margin performance. They also decide which products department stores or supermarkets should stock. Retail merchandisers also assess the needs of individual stores and how they might differ based on factors such as store size and their target demographics.Some examples of a retail merchandising businesses are Wal-Mart, Target, Home depot, Macy’s etc. Wholesale merchandisers, also known as distributors, typically buy finished goods from manufacturers, mark them up and resell them to retailers for a profit. Distributors and wholesalers often work together as channel partners. Because of their position in the distribution process, wholesale businesses are usually referred to as the "middle man." Therefore . Selling wholesale means you typically sell your product in bulk quantities to a “middle man” who in return sells it to the consumer (eg. other retailers). Since a wholesale company's goal is to sell large quantities to a small number of retailing companies. It is rare for a wholesaler to sell goods directly to consumers. So an example of a wholesale business would be warehouse clubs like Costco. Manufacturing Business - Jason Nguyen A Manufacturing business is a business that uses components, parts or purchases raw materials and converts them into a new product. The products manufactured are sold directly to consumers or to other manufacturing businesses to produce another product and sell these products to earn a profit. It is a huge part of the modern Canadian economy accounting for approximately $174 billion of the GDP. It represents more than 10% of Canada's GDP and manufacturers export more than $354 billion each year. Manufacturing businesses usually have machines, robots, computers and humans that work to create a new product from raw materials. An example of a manufacturing business is an auto maker, a paper mill, or a steel plant. The manufacturing business is usually right after producers which of course, produces raw materials for the manufacturing businesses to manufacture items. All of these are common examples of manufacturing businesses. Manufacturing businesses can be often identified by the type of building which is often a factory with many workers inside. Non-Profit Organization - Gautam Kannan A Non-Profit Organization is an organization that does not seek to gain profit but will provide goods and services such as shelters, volunteering organization and food banks.The goods and services of Non-Profit Organizations may be provided to anyone or any organization. Non-Profit Organizations consists mainy of volunteers as it is very difficult for these organizations to pay for employees. Many businesses sponsor Non-Profit Organizations dependant on their cause in order to gain public atention to these organizations and ultimately to them. Some of these companies that sponsor Non-Profits are General Electric, Google, Disney, Starbucks and many more. An example of a Non-Profit Organization is Volunteering Peel. This Non-Profit Organization helps students from grades 9-12 to help them achieve their required volunteer hours. They contact event organizers from other organizations to try and see if volunteers are needed and then on their website post that event for students to sign up on. Some companies that sponsor Volunteering Peel are Tim Hortons, Krispy Kreme, Starbucks, Roots and Cineplex and some polititians such as Bonnie Crombie, Raj Grewal and Frank Dale also sponsor Volunteering Peel. Sources Used Accounting 1 - 7th Edition Syme, Ireland, Dodds. PearsonCanada https://www.ibisworld.com/media/2015/01/22/mapping-canadas-top-manufacturing-industries/ https://www.ic.gc.ca/eic/site/mfg-fab.nsf/eng/home